Sunday, September 27, 2009

What We need to Know about the G20 Summit

Uncle Ben from Spiderman made the most prophetic statement of the entire film series in his dying days (I almost cried, but don't tell anybody): "With great power comes great responsibility." Most of us understood what Uncle Ben was trying to say, and that includes Barack Obama.

Uncle Ben should have been the keynote speaker at the latest G-20 Summit, taking place this week in Pittsburgh,PA. The G-20 Summit is a gathering of the Finance Ministers and Central Bank Governors of the world's 19 wealthiest countries, plus the European Union. These countries encompass 85 percent of the world's gross domestic product, so they would probably meet Uncle Ben's qualification for "great power," at least when it comes to money.

The G-20 Summit's primary objective is to achieve broad cooperation on the preservation of international financial stability. The motivations of the group, created in 1999, are seemingly noble and make perfect sense in light of the fact that the global economy has reached an unprecedented level of integration. If large nations do not work together, the world's financial system will be subject to alarming amounts of volatility.

Not everyone can see the vision behind G-20 ambitions. Usually, the gatherings of the G-20 are as out of control as a frat party, as protesters have made a game out of disrupting the meetings as much as they possibly can. To prepare for this year's economic fiesta, the city of Pittsburgh has brought in 4,000 police, 2,000 National Guard troops and 11 Coast Guard vessels.

Police, in an overwhelming show of force, declared Thursday's march illegal almost as soon as it began, firing rubber bullets and canisters of pepper spray and smoke after small bands of anarchists responded to calls to disperse by rolling huge metal trash bins, throwing rocks and breaking windows. As of Friday morning, reports said nearly 70 people had been arrested and police were bracing for scattered protests around downtown.

President Obama, being the conflicted capitalist/black man/ex-community organizer that he is, made some telling comments about the demonstrators.